Properties in the north and Yorkshire have seen the biggest increase in value in the last 12 months ...
Properties in the north and Yorkshire have seen the biggest increase in value in the last 12 months as the value of these homes has increased by over a third, suggest the latest statistics from Halifax's second quarterly survey.
Hotspots which in the past suffered some of the lowest house prices are now gaining ground considerably as property in the north increased its value by an average of 36.4%, followed by Yorkshire and the Humber which saw a 33% increase while the average property in Wales is fast approaching £100,000 after a 29.6% increase in value.
Houses in Macclesfield are said to have seen a 51% in value over the last, closely followed by Grimsby which also has homes worth 49% more, Spalding has seen a 48% rise in property prices, Halifax houses has climbed 46% while property in Pudsey and Barnsley is now worth 45% more than 12 months ago.
Some regions have broken through key price barriers too, as Macclesfield also saw property values cross the £200,000 - along with homes with Ilford, Essex - while the more expensive town of Guildford has seen some of its properties cross the £300,000 barrier.
While London and south-east properties are still the most expensive, London has slipped to the bottom of the table in terms of price rises as it has seen the smallest rise in property value across the whole of the UK at just 11.5%.
That said, living in London and the south-east is becoming increasingly disproportionate to the rest of the country as the average property in 69% higher in London than the UK average.
Ten years ago, prices in the capital tended to be around 23% higher than the rest of the UK.
The gap between the average UK price has narrowed in the second quarter as the UK average now stands at £129,443 compared with £218,404 in London.
A gap is also emerging between prices in Scotland and the UK as a whole because the average Scottish home is now around 60% the value of the national average, and the gap between UK and Scotland has widened from £5,300 ten years ago to £51,600 today.
Table 1: Top 10 UK Hotspots UK Average House Prices
|Posttown||Region||Q2 2002 Ave Price||Q2 2003 Ave Price||% change|
(Source: Halifax House Price Index, excluding properties sold for £1m+)
Table 2: All Houses, All Buyers (Seasonally Adjusted) 2nd Quarter 2003
|Region||Standardised Average Price £||Annual Change%||%Difference From UK Average 2003 Q2||%Difference From UK Average 1993 Q2|